Tuesday, 23 February 2016

11am update - bears still look largely powerless

Despite breaking a marginal new low of sp'1928 - with VIX 20.41, the equity bears still look weak, and the market looks extremely prone to renewed upside. First target remains the 1950/65 zone, which would likely equate to VIX 18/17s.




*Oil is clearly causing some problems, -4.0% in the $32s.

A marginally interesting morning... but really, is anyone seriously expecting a straight run under sp'1810 from here?

We've a clear minor gap zone of 1924/17.. and that is already close.

The next few weeks will likely annoy many... as the market looks continually vulnerable, but looks set to push another 3-5% higher.

notable weakness...

FCX -6%.. as those getting overly hysterical yesterday are again hearing bankruptcy chatter.

BAC -2.9%... as any hope of higher rates later in the year continues to fade.

Here in London city...

Kinda chilly (7c), but its fine... and another day closer to summer :)

time to cook...